Leveraged exposure to tokenized assets, explained simply
🎯 What Is This?
xLever lets you get leveraged exposure to stocks like QQQ and SPY — but on-chain, without liquidation risk, and with no daily rebalancing.
Example: You deposit $1,000 with 2× leverage on QQQ. If QQQ goes up 10%, you make $200 (20% return). If it drops 10%, you lose $200.
⚡ How Leverage Works
Your position value is calculated from your entry price, not daily resets like TQQQ:
Value = Deposit × (1 + Leverage × Price Change %)
xLever (Fixed Entry)
✅ No volatility decay
✅ Simple mental model
✅ Better in trends
TQQQ (Daily Reset)
❌ Volatility decay
❌ Complex compounding
❌ Loses in chop
🛡️ No Liquidation?
Traditional leverage liquidates you. xLever uses a two-tranche system:
Senior (You): Get leveraged exposure, protected by junior capital
Junior (LPs): Provide first-loss buffer, earn fees from your activity
Instead of liquidating individuals, the protocol auto-deleverages everyone when risk gets too high. Your max loss is your deposit — no debt, no margin calls.
📊 Auto-Deleverage Cascade
If the underlying asset drops significantly from its peak, the protocol automatically reduces everyone's leverage to protect the pool:
-10% drop → 75% leverage
-15% drop → 50% leverage
-20% drop → 1.5× max
-25% drop → 1.0× only
-30% drop → Position closed
This protects junior LPs and prevents total wipeouts. When markets recover, leverage gradually restores.
🚀 Degen Mode (100× Leverage)
Normal mode: ±4× leverage (safe, tested)
Degen mode: ±100× leverage (extremely risky, for education/entertainment)
⚠️ Warning: At 10× leverage, a 10% drop = 100% loss. At 100×, a 1% drop wipes you out. The auto-deleverage cascade kicks in fast, and you'll likely get liquidated in any volatile market. Use degen mode to understand risk, not to actually trade.
💰 Fees
The protocol charges continuous fees based on your leverage:
1× leverage: ~2% annual fee
2× leverage: ~4% annual fee
4× leverage: ~8% annual fee
Fees go to junior LPs as compensation for taking first-loss risk. During circuit breakers (big moves), fees temporarily double.
🔬 Try It Yourself
Use the main interface to:
Select QQQ or SPY
Choose your leverage with the slider
Pick a time period (1M, 3M, 6M, 1Y, etc.)
See how your position would have performed
Compare to daily-reset leverage (like TQQQ)
Toggle 🚀 DEGEN MODE to experiment with extreme leverage and see liquidations happen in real-time on the chart.
🏗️ Built On
Euler V2 EVK: Modular vault architecture with atomic looping via the Ethereum Vault Connector (EVC). This enables gas-efficient leverage construction without flash loans.
Pyth Oracles: 15-minute TWAP pricing with dynamic spread based on spot-TWAP divergence.
Ready to explore? Go back to the chart and start experimenting with the simulator!
xLever
QQQ × 2.0
ETH:-
USDC:-
wQQQx:-
wSPYx:-
xLever Protocol
Powered by Euler V2 EVK
Leveraged QQQ — 2.0×
$0.00
+0.00%
2.0× Leveraged
QQQ (1×)
Entry Deposit
Oracle Price—
Oracle Status—
Funding Rate—
Max Leverage—
Protocol State—
Net Exposure—
Pool TVL—
Data Sourcecontract
Max Drawdown-0.0%
Sharpe Ratio0.00
Volatility0.0%
CAGR0.0%
Fee Drag-0.0%
vs Daily Reset0.0%
DeLev Events0
Reduced Lev Days0
Leverage Factor
2.0×
Constant Leverage from Entry
-3.5×-2×0+2×+3.5×
Open Position
Current leverage: 2.0×
Your Positions
No open positions. Connect wallet and open a position to get started.
Strategy Details
UnderlyingQQQ (Nasdaq-100)
Leverage TypeFixed from Entry
VaultVaultSimple (no fees)
Max Leverage±3.5×
OraclePyth (Hermes pull)
SettlementUSDC
Performance Comparison SIMULATED
QQQ 1×
+0.0%
Base Underlying
QQQ 2.0× (Protocol)
+0.0%
Full Simulation
QQQ 2.0× (Daily Reset)
+0.0%
TQQQ-Style Compounding
QQQ 2.0× (No Fees)
+0.0%
No Fees (Protocol)
Risk Assessment
ConservativeModerateAggressive
Buffer: 20% junior ratio required
Data Source LIVE
All values are read from on-chain contract state (Ink Sepolia)
and Pyth Network oracle feeds. Pool composition, insurance fund,
junior APY, funding rates, and oracle health are sourced directly from
deployed vault contracts — not browser-computed.
RPC: — Cache age: —
Data Source SIMULATED
Backtesting uses real QQQ data from Yahoo Finance.
The simulation models: auto-deleverage cascade (5 levels based on
underlying asset drawdown from peak), re-leverage on recovery
(1.0× steps, 5-day cooldown), execution slippage on leverage
changes, and circuit breaker fee premiums on high-volatility days.
Not modeled: junior tranche loss absorption, intraday price action
(uses daily OHLC only), actual lending protocol health factors,
TWAP vs spot pricing lag, multi-protocol routing, or gas costs.
Actual protocol performance will differ.
2.0×
Leverage Factor
-3.5×-2×0+2×+3.5×
Junior Liquidity Provider
Earn fees by providing first-loss capital to protect senior traders
Current APY
0%
Total Junior TVL
$0
Pool Utilization
0%
Your Position
$0
Deposit / Withdraw
Your USDC Balance:0.00
Share of Pool:0.00%
Estimated APY:0%
Your Junior Position:0.00
Accrued Fees:0.00
Withdrawal Fee:0.5%
Risk & Rewards
Fee Revenue
Earn fees from all senior trader activity. Higher leverage = higher fees.
Variable APY
First-Loss Risk
You absorb losses before senior traders. Can be fully wiped in extreme events.
Max Loss: 100%
Auto-Deleverage
Protocol reduces risk automatically during drawdowns to protect the pool.
5 Protection Levels
Liquidity
Withdraw anytime (0.5% fee). Secondary market for instant exits at discount.